Betting Odds in OTB

Video Transcript

"In this segment, we're going to be covering general odds. Odds vary from race to race, track to track. They do not vary from state to state. Odds are based upon dollar amounts put into a pool and there are two different pools. Pool for the entire race and pools for a specific horse or dog. As more money goes towards one specific number or another, the odds change. As people place money into, on a specific dog, let's say it's number three. The odds will increase or decrease depending on how much money is on that specific animal compared to another. For an example, if you put a two dollar win bet on number one and he's got the odds one dash five or one slash five. If that animal wins, then you can expect to be paid approximately two dollars and forty cents. Maybe a little more, maybe a little less but that's the general range. Then if you place a bet on, let's say number three, and he's got odds six dash five or six slash five. Then you're going to get paid approximately four dollars and forty cents. Maybe a little more, maybe a little less, again that varies from race to race, track to track. Then again, let's say you're betting number nine, on a horse, and his odds are seven to one. Which would just show seven on the board, then you could expect to get around sixteen dollars if that specific number came in first. Then again, that money could be a little higher, a little lower, but that varies from race to race, track to track. Odds that either have dashes or slashes can be converted into a fraction. That would be one fifth, not five over one, which would be for every one dollar bet, you're going to win five. If you look at the odds on specific track, if you see the number one next to any numbers where the odds are, you're basically going to be winning even money or less. If you put two dollars on that specific number and that number wins. Then you can basically expect to get your money back, or in the unfortunate case, you lose money on that specific bet."